Sole Trader Accounts

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For sole proprietorships and partnerships, financial statements form the basis of business owners’ tax returns.

In the case of the partnership, the year-end accounts also show the current account balance of each partner. The company accounts of holding companies contain information about directors’ salaries and dividends paid to shareholders, which must be combined with their tax returns.

Financial statements provide valuable information about your business. You can see if your selling price margin is set correctly and compare the latest developments with last year. Sales and expense movements are visible so you can make better decisions in the future. Discrepancies are highlighted and can then be studied. Annual financial statements bring you closer to your business and help you achieve success.

Banks also want to see a set of accounts for self-employed people who want to obtain financing or apply for a mortgage.

Decision at the end of the year.

You should consider preparing your sole trader and partnership accounts well before the January 31 tax filing deadline. Companies generally have nine months after the end of the year to finalize their accounts, but it is always best to check the Companies House website for the deadline for filing company accounts.